UPDATED April 16, 2020 — In early April, Congress passed the Paycheck Protection Program (PPP), providing for $349 billion in forgivable loans designed to provide a direct incentive for small businesses to keep their workers on the payroll. Today, the U.S. Small Business Administration announced it had approved 1,661,397 loans, exhausting the program’s allotted funds. It can’t accept or approve new applications unless Congress signs off on additional funding, which at this point seems unlikely before early May.  If your loan application has been approved, your money is likely on the way: Lenders are required by the Treasury Department to […]